South African based venture capital firm Vunani Capital has announced its recent investment into SnapnSave through the Vunani Fintech Fund.

The investment amount and valuation was not disclosed.

Mark Anderson, Vunani’s Executive Director, said: “This investment offers Vunani exposure to a new wave of fintech businesses that are using digital platforms to bring benefits to ordinary consumers.”

He said: “We have confidently invested in South Africa’s #1 cashback rewards app. as we believe SnapnSave has shown exceptional ability to disrupt the loyalty market and we look forward to seeing SnapnSave accelerate further under the leadership of Mark Bradshaw and Tina Fisher.”

“SnapnSave is our first fintech investment. We are expecting to enter into more transactions in the fintech space as we diversify our financial services offering,” he added.

SnapnSave is South Africa’s top cashback grocery coupon app that gives shoppers cash back on their favourite products, wherever and whenever they shop, just by snapping a photo of their till slip.

The investment by Vunani Capital will be used to further grow and scale the shopper and vendor base of SnapnSave to further enhance the company’s position as South Africa’s leading grocery coupon cashback app.

SnapnSave, which has shown exceptional growth since its inception in 2015, disrupts the loyalty and rewards market with a digital solution that offers cash back rewards to both shoppers and independent vendors wherever they shop, while allowing brands to promote and gain further insights into shopper’s behaviour in both the formal and informal retail markets.

SnapnSave has achieved tremendous organic growth surpassing 350 000 users with a 500% lift in activity since year one.

The result of this success has meant that over 1.5million till slips have been submitted to the platform and over R14m in cash rewards has been given back into South African consumers’ pockets.

Tina Fisher, one of the co-founders of SnapnSave said: “With over 200 000 grocery retail points in South Africa it is clear that shoppers in this market don’t just shop at one store for their favorite grocery items. With promotions in retail traditionally being store-specific, more and more shoppers are signing up for SnapnSave to benefit from cash back savings available at any retailer. Leading brands like Coke, Pioneer Foods, Unilever, SC Johnson and more are working closely with SnapnSave to engage with these shoppers that has resulted in revenues growing by over 400% since our first year of operation.”

Fellow co-founder Mark Bradshaw added: “We are delighted to be working closely with the team at Vunani. Their expertise in understanding corporate finance and their relationships in the rest of Africa will aid the company as we prepare for a Series A raise that will allow us to expand into new markets in 2020.”

This investment round follows on from the previous round which was led by Kalon Venture Partners and the Smollan Group.

Clive Butkow, the CEO of Kalon Venture Partners, a Johannesburg based Venture Capital Company, said: “It is great to have a reputable company like Vunani Join the team to help scale the business into Africa and globally.”